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Economy

$30 billion garment exports hinge on tech upgrade

Bangladesh will not be able to raise its garment exports to $30 billion by 2015 and $50 billion by 2021 without improving workers' productivity and upgrading technology, analysts said yesterday. 0e0bd15409017d1caf83e672a693438720130910 "The garment sector is going through a transition. Its restructure has become very essential," said Debapriya Bhattacharya, distinguished fellow of the Center for Policy Dialogue. "Developing the capacity of workers would play a key role in t...

RMG machinery imports fall 23% in January

'After the Rana Plaza incident, I lost my interest to establish a new factory. I was frightened'
The capital machinery imports of Bangladesh’s garment sector declined over 23% in January, shrinking the figure to $23m from $30m last year. europe-imports1 According to the industry insiders, political unrest and labour rights issue disrupted the sector’s expansion plans, which made the capital machinery imports fall. The total import in 2013 fell 13.5% to $310m from $359m in 2012, said Bangladesh Garment Manufacture...

Forex reserve crosses $19bn for first time

The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries

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The foreign currency reserves yesterday crossed $19bn mark for the first time on the back of remittance inflow, strong export performance and decline in import payments. The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among South Asian Association for Regional Cooperation (SAARC) countries, says Bangladesh Bank in a statement. “The reserves have reached such a n...

Taka to Dhaka keep declining

Cash remittances to Bangladesh from its global diaspora of migrant workers – the country’s second-largest source of foreign exchange behind the garment industry – continue to slide. The Bangladesh Bank, the country’s central bank, reported that in January, such remittances totaled $1.25 billion, a 5.8 percent decline from the year-earlier period, and the sixth consecutive month of falling inflows. From July 2013 to January 2014, the first seven months of the current fiscal year, remittances amounted to $8 billion, a 9 percent drop from the comparable year-ago period. [caption id="attachment_4186" align="alignleft" width="300"]

Newly elected CSE Board visits BSEC

The newly elected Board of Directors of Chittagong Stock Exchange Limited led by CSE Chairman Dr. Muhammad Abdul Mazid made a courtesy visit to BSEC Chairman on Wednesday. IMG_3230BSEC Chairman Professor Dr. M. Khairul Hossain along with four members Professor Md. Helal Uddin Nizami, Md. Amzad Hossain, Arif Khan, Md. Abdul Salam Sikhder and all executive directors of BSEC welcomed the board of directors of CSE. In this visit they have discussed about to open CSE broker house branches, derivatives market...

Remittance mostly used in non-productive sectors

A recent Bangladesh Bank study reports that remittance sent by expatriates is mostly used for consumption and in the “non-productive” sectors in the country. The survey conducted in 2011 found 90% of remittances were used for meeting basic needs. Seventy-five percent of households receiving remittance spent those on food, 42% on loan repayment, 65% on education, 57% on treatment, 49% on marriage and 4% on running legal battles (multiple responses allowed). Experts described these as failure of successive governments to act on diverting the remittances into “productive” sectors instead of consumption. remmitance
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